If you’re like most social sellers, you joined this business model because you needed a way to make a few hundred dollars a month to make ends meet. And before you knew it, you started booking parties, making new friends, and growing a team. At some point along the way, this hobby turned into an actual business.
Now that you’re running a business, it’s time to start treating it like one instead of the hobby you started out with. And the best place to start is with your money.
Kristen is here this week to talk about the differences between hobby money and business money and the mindset shift that has to happen in order for your business to truly grow. Grab a pen and paper! You’re going to want to take notes.
Here are a few takeaways:
- At what point you should stop treating your business like a hobby
- Importance of having a separate business checking account
- Learning to leverage your time and energy in order to focus on income-producing activities
- The difference between strategic debt and regular debt
More often than not, how you view money is based on your own personal beliefs. Learning to view money as a tool in order to grow and scale your business in a sustainable way will unlock potential you never knew you had.
Interested in Kristen’s exclusive mastermind for six-figure earners in the network marketing industry? Get all the details and join the waitlist here.
Thanks for listening! Do you have a question about network marketing? Kristen can help! Drop your question here, and she just might answer it live on the podcast: https://kristenboss.com/question
If you’re ready to learn the simple process of running your social selling business online, you have to check out Kristen’s live group coaching program! The Social Selling Academy: www.thesocialsellingacademy.com
Transcript for Episode #89 Hobby Money Vs. Business Money:
Kristen Boss (00:05): Welcome to Purposeful Social Selling with Kristen Boss. I’m your host, Kristen Boss. I’m a mindset and business coach with more than 15 years experience in both the product and service based industries. I believe that social selling is the best business model for people wanting to make an impact while they make serious income. This is the podcast for the social seller, who is tired of feeling inauthentic in their business and desires to find a more purposeful and profitable way of growing their business in today’s social media landscape. In this podcast, you will learn what it takes to grow a sustainable business through impactful and social marketing. It’s time to ditch the hustle and lead from the heart. Let me show you the new way.
Kristen Boss (00:48): Hey bosses! Welcome to another episode of the podcast. I’ve got an announcement for you. If you haven’t heard already the waitlist for the six and seven-figure mastermind is now open. This is my very exclusive in-demand mastermind. It’s my highest level of coaching that I offer for the top leaders and emerging top earners in the social selling industry. This is a step up from the social selling academy. So if you have been wondering how to do deeper work with me and your thinking about the problems you specifically deal with at the six and seven-figure level, the purpose and profit mastermind is having their applications open on January 31st. So in order for you to have all the info that we will be sharing with you about the mastermind, you must be on that waitlist because we are going to be sending emails to the people on the waitlist with information about the live event, what you can expect over the six month program what you can look forward to.
Kristen Boss (01:49): It’s going to answer a lot of your questions. So if you want to get on that waitlist, if you are interested, you’re going to want to be on the waitlist. You go to www.kristenboss.com/mastermind. And we always kick off our mastermind with a two-day intense live event. We are so excited it’s I deliver at such a high level for this live event. It is the thing the mastermind members most look forward to. I have them say like it is worth just the entire investment alone is worth the experience. At the live event, we give you a five-star experience. You get five-star coaching, you get intense coaching, you get two days packed full of teaching. You get a custom book that I have written for six and seven figure earners in this industry that walks you through your planning, your strategy, how you’re going to hit the next rank and organically so that your team doesn’t burn out how to stay in momentum, how to create momentum, how to rebuild team culture.
Kristen Boss (02:52): You’re going to want to be in this mastermind. Just so you know, cause I like to give everyone, you know, some notice ahead of time, you are going to be submitting a two to three-minute video with your application explaining why you want to have a spot in this mastermind. I’m not, I don’t accept everybody. I go through a screening process. I want to make sure the best people are in that room or in that container. Because again, my thought about the mastermind, is it the place where the best leaders of this industry come to do their work? So of course I’m going to be stringent about who I accept and who we let in because the room is that elevated. And so if you have been craving something deep and you are ready to invest, you’re going to want to go to the waitlist. Sure. You’re on with that.
Kristen Boss (03:40): Speaking of investment, we’re actually going to talk about money today and in a way that I believe will really serve you. And in a way that you have never heard it talked about with your network marketing business model. Now one of the best parts of network marketing is the low startup cost and how accessible it is. I tell people, you know, all you need is a little willpower and wifi and you can go far. The average startup investment with people when they start with network marketing is, you know, anywhere between, I’ve seen it as low as, you know, $50. I’ve seen some as like you don’t, there’s just an enrollment fee of $20. It kind of is a broad spectrum, but I think the most I’ve seen it for is like a thousand dollars. Buy-In that’s the highest I’ve seen. So that’s relatively inexpensive to start your own online business.
Kristen Boss (04:31): I kind of see network marketing now, social selling as like, you know, you starting your own franchise through your social media storefront. And it’s, what’s so many people are doing in this day and age. It’s, you know, I was speaking at a keynote and I said, it’s almost weird when people aren’t selling things online now and now more than ever social media platforms are positioning and creating the user experience to be in favor of, you know, shopping and purchasing online from people’s favorite brands and personalities and people they love to follow. So of course people are literally flocking to this industry because it’s now more aligned than ever. It’s not, it doesn’t feel as unconventional to people now because it’s so normalized, especially with Gen Z. I freaking love Gen Z. If you’re a Gen Z listener, I freaking think you’re the best generation.
Kristen Boss (05:23): I think you have so much to offer us. I’m a millennial. I feel like I’m an older millennial, but I see the next generation that’s behind me. And I’m so thankful for them. I love how innovative and creative and empathetic and inclusive and diverse that generation is. There’s so much we have to learn from them. So if, if you are in that Gen Z, you know, born what is it after 1995? I see you. And I’m so thankful that you’re here listening. And I just think you have so much to offer the world. And I think you are incredibly innovative in the same way that the millennials, we had to be innovative as well. When we were like fresh in the job force, like we were in our first five years of being in the career, we had you know, we dealt with a massive, massive recession in 2008.
Kristen Boss (06:09): And so, you know, I remember at that time, many of our peers that was when there was massive layoffs, it was a very scary time. We were all out there with our college degrees and we were unable to get jobs. And I remember at the time in 2008, it was almost, it was even getting a job at Starbucks was almost impossible because so many people were trying to find jobs during that recession. And so too, for me in 2008, that was when I got very creative and I was still a hairstylist at the time. And I created a mobile hair and makeup business. It’s mostly mobile hair. And I was like, you know what, I’m going to bring my services to my client. I saw a need in the marketplace and I got innovative and creative with seeing the need and seeing where things were going.
Kristen Boss (06:56): I’m like, well, maybe my clients don’t want to sit in traffic for an hour after they’ve had a long day at work. What if I come to them? What if I make their life easier? And I created a business model from, you know, there being a crisis or something going on in our economy. And I was like, well, what can I do? And what can I create? And I really believe that is what Gen Z is doing right now. This is why we’re innovating so much. And I say all this because in social selling, I want you to just understand how many thousands of people are coming to this business model because it makes sense. It makes sense to Gen Z, they see this business. They’re like great! Low startup. I’m already on social media. I’m already having fun, doing real. They already believe Gen Z already believes in how accessible monetizing online is.
Kristen Boss (07:45): I mean, that’s the generation that literally grew up with people that were, you know, monetizing on YouTube. You know, these 10 year olds that were opening up toys suddenly have like, you know, millions and millions of subscribers and they’re making millions of dollars on the line. So that generation is, you know, doesn’t see monetizing online is unconventional or not a real job. If anything, if anything, Gen Z kind of sees the opportunity online. They’re like, why would I go the traditional route of college and, you know, accruing maybe $50,000 in student loans when I can have very little startup costs and how ha monetize online I’m, I’m taking the time to explain all this. So you understand what’s going on in society and in our culture now and why that’s relevant to the business model you sell. And so I really want you to think about how many people are readily looking for what you offer and how people are openly looking for ways to build, build businesses online now, more than ever.
Kristen Boss (08:46): So the reason why I wanted to kind of focus on money on this episode, and I realized that was kind of a long on-ramp, but I really wanted to grow your belief in just how far you can take this business model and how approachable it is now. But specifically what I want to talk about is the mindset in which you start this business model cannot be the same mindset as when you are four years down the road. And you’re a six-figure earner in this business model. And I’m going to explain that. So when you join this business, this model, it’s a low startup cost. You know, maybe let at most, let’s say you spend $200 to buy your kit that you use on yourself or your startup starter products or whatever. Very few companies require you to carry inventory now, which I think is great. So let’s say you have your starter kit that you use yourself.
Kristen Boss (09:33): It’s a consumable, or even not something you maybe wear or use every day. That’s great. And then you start your business and you, you know, you make your first a hundred dollars, $200, which is very easy to do. And you know, now you have, you know, broke, even now you’re, you’ve, you know, covered your expenses and here we go. Now we’re in profit. Here’s what I see people do. They start this business model and because it’s low startup costs, they, you know, make their money back and then they start making the money. And they kind of just because most people, when they approach this business model, they need to close some sort of income gap in their family. And typical it’s about a $500 income gap that most people are trying to cover in their family expenses. And that could be, you know, a car payment groceries.
Kristen Boss (10:24): And what’s so fascinating is that’s why most 80% of people come to this business model. But it’s also that $500 a month is why 80% of people think that they can’t about the business. They think that’s not enough money to talk about this and take myself seriously when I’m like, wait, hold on. That’s 80. That’s what 80% of the market wants. And anybody can learn to make $500 online. And it’s very simple and there’s nothing crazy about that. And you don’t have to like, you know, make a list of a hundred and send a copy and paste message to all of them to make it happen. It’s and you in today’s social media landscape, it’s very easy for you to make it organically showing up as your true self. This is what I teach inside the academy. It’s very doable. It’s it can be done in your sleep.
Kristen Boss (11:06): Okay. So most people come to fill that income gap. So typically when they’re making $500 a month, they are allocating that towards a need in their, in their family. It could be groceries could be, you know, part of a mortgage payment car payment. That’s great. I kind of still view this as like to quote side hustle money. It’s a side hustle where you’re kind of trying to close the gap that is not treating it as business money because you’re just taking the profits and putting it right into your personal account and spending it on things in your personal life. But there does come a time in this business when you, when you have to shift out of viewing it as side hustle money and hobby money that you immediately flush into things in your home. And you start thinking strategically about how it is business money.
Kristen Boss (11:59): And I really would encourage you. And this is why I tell people I’m like, you know, when you invest in the academy, that’s a business expense, it’s a business investment. It’s like going to a trade school and acquiring the skills in order to be more valuable in the marketplace so that you can shortcut your learning curve and make money faster. So, you know, at some point you need to stop treating your money as hobby money and just, you know, putting it in the fun things or the kid’s sports. And I get, that’s why a lot of people come to this business model. However, as your business grows, you cannot continue to treat your money as personal money. You start, you have to start viewing it as business money. And I feel like this is going to be very useful and helpful for many of you, especially if you’re making, you know, more than 500 or thousand a month, you need to start thinking of yourself as a business owner and think of your business as a business.
Kristen Boss (13:00): And the first step to doing that is I would encourage you to open a business account, have a separate checking account for you to have to place your money, and have that labeled as this is business money. And you can decide how much you’re going to pay yourself each month from the total you make. So if you make a thousand a month, you can still think, okay, hold on. I’m going to take $500 a month to pay for the, to close that gap in which I first came to this business, I’m going to close that. And then I’m going to spend a hundred dollars on pro that’s my overhead and my expense and what I, my personal use product. And then I’m going to budget $75 for incentives samples, you know, thank you, cards, gifts, and then I’m going to budget another. I’m not adding as I go. So the math isn’t going to make sense, but I just want you to hear what I’m saying.
Kristen Boss (13:52): And then I’m going to budget $150 to put towards future, future travel, continuing education. If I go to an event or retreat or a conference or anything like that, notice how you’re treating your business money. You’re giving, you’re almost viewing it as like a separate checking account from your personal checking account, you have budget items and line items in your business. And it’s important. You see it that way instead of just like taking the cash, throwing it into your personal account, spending a bunch of things, and then being like, oh, I don’t have money to go to that retreat. I don’t have money to, you know, send a thank you card or to, or join a you know, a customer. What is it? A customer care system like project broadcast or something where you’re sending out text messages and saying, I can’t afford to improve my customer care because I’m spending all my money personally, over here.
Kristen Boss (14:52): Instead you have to think as a business owner and think, well, a business owner understands that in order to make money, you do need to spend money that a business has, you know, healthy expenses in order to improve quality customer service in order to improve how you manage. And so as you roll your paycheck, you really need to be thinking about this money as this is business money. It’s not my money. Imagine someone who owns a restaurant and all the revenue of the restaurant, he just throws it into his personal account, or they just throw it into their personal account. That would make no sense. They have to. They take in the total money that the rest Trump brings in. They pay themselves like this is what I make as the owner. This is the set salary of set for myself. No matter what the restaurant makes.
Kristen Boss (15:40): This is my set income. This is what is for rent for utilities. This is for all of our overhead and our expenses. This is what I pay my employees. This is what I pay for my inventory. And then this what balance out, you know, my profit, my loss, my profit and expenses. If you want to read a book, you can read the book profit first, but you need to learn how to have your money work for you in your business. And this is so important because this is why I see people that don’t put money towards, you know, a, a personal assistant or a, a virtual assistant that takes things off their plate so that they can do better income-producing activity. Let me give you a great example. This is why it’s so important to treat your money as business money. Let’s say you make $2,000 a month in your network marketing business, which is very, very common, and that’s a great amount of money.
Kristen Boss (16:30): And let’s say, you’ve decided I’m going to pay myself a thousand of that each month. And my family and I were going to decide how we’re going to spend that a thousand dollars. And so the $2,000 comes into your business checking account and you transfer a thousand of it into your personal checking account. Now you have a thousand dollars to focus on with your business. That can be towards, okay, I’m going to spend, you know, a hundred dollars on samples and mailers or whatever I’m going to do. I want to incentivize, I want to gift my team when they perform well, I want to be able to send them flowers. Okay. Let’s do an incentive budget there. And now we have some cash on hand to think about, okay, it’s time for me to hire a virtual assistant. That’s going to cost me, you know, the rates are different depending on who you go, but 15 to $25 an hour and thinking, okay, I’m going to pay somebody, you know, $15 an hour to make Canva graphics that literally you making a Canva graphic and you posting on your team page and you doing like printing out back office, or it’s none of that generates you more money.
Kristen Boss (17:37): All that does is that is part of maintaining your business. That’s doing administrative work. Administrative work does not grow your bottom line. So it’s important that you hire someone out. At some point, you’re going to be like, I’m going to pay someone X amount of dollars per hour for them to handle all the administrative work so that while they are doing that, I’m getting out there. I’m meeting people. I’m training my team. I’m developing my leaders. I’m developing new recruits. I’m thinking strategically about what, you know, going ahead, I’m making content. I’m, I’m creating new customers. That is all income-producing activity. That is what drives, grows the bottom line of your business. But if you’re caught up, if you don’t have any money set aside to grow your business and growing your business would be like, okay, I need, if admin more is five hours of my week, every week, and that doesn’t make me money, what could I do with those five hours instead?
Kristen Boss (18:36): Well, I could be, you know, connecting with people. I could be running a party or I could be developing my, you know, my highest leader. I could be doing those things that generate me income. And if you are in that scarce energy where your money just goes into your personal account and it just disappears every month, and yes, you’re going to have a lot of drama hiring a virtual assistant. You’re going to feel very scarce around that because you think hiring a personal assistant, a VA is coming from your personal expenses. You’re thinking, well, I could, I could pay for groceries with that, or I could pay my phone with that. And you start to feel very scarce because you never saw your business money as business money. You saw it as it just, the money comes in and it goes into the account and it all disappears with what you feel is urgent and important.
Kristen Boss (19:24): And now you don’t have money to spend on strategically on expenses and your business, strategic expenses, strategic investments, in order for you to figure out how to grow your business. Think about that. So now you’re busy doing admin work and you’re not, and you’re not able to grow your income as effectively. And I had to do this the same at the same time, I realized, okay, hold on. I, me managing a Facebook group and, and you know, a moving people that join my group and scheduling out posts and fiddling in my back office and, and taking time with technology. That’s keeping me away from like getting in front of the right people, generating content and doing the things that actually generate more income. So you have to really view it. And some of you think when you’re thinking of hiring a virtual assistant, when you’re thinking of hiring, you know, other people to help you out or outsourcing in any way you have to, instead of thinking, well, how much is this costing me?
Kristen Boss (20:21): Like, oh, $15 an hour. That’s so much money. You have to be thinking, wait, hold on. Time is a non-renewable resource. And so your lost time is, is, is something you cannot afford. You cannot afford to waste time because time that’s spent doing things that don’t make you money is costing you. It’s costing you future revenue. And this is something I go in-depth on in my six and seven-figure mastermind. I teach them and show them like, this is how we have to leverage your time, leverage your energy so that all we’re doing is moving the needle forward in your business. And you’re not caught up managing other tasks, but it all starts with how you view your money. It is not personal money, it’s business money. And I would encourage you to start this habit early in your journey, do not wait until you’re making $5,000 a month to have a separate account.
Kristen Boss (21:17): Start now start early. It’s important for you to have a business mind early in your career. So it’s less of a painful learning curve as you grow your business. So this is what I mean with, like, when you start, you have this idea of like, there’s very low startup costs. It’s very easy to, you know, to grow in this business and it, you can keep it very lean. But I think I see that thought or that mindset to get in the way of people able, being able to grow and scale their businesses and getting faster because they keep that mindset. They keep the mindset of, I have to operate as lean as possible, no expenses. And they become very scarce around their B their money and not treat it like business money. But at some point, you actually have to start operating as a strategic business owner.
Kristen Boss (22:05): You have to start putting your money to work differently. So one of the biggest things I was teaching my six and seven-figure earners in the mastermind is there’s a lot of stories about, about debt and about and about money. And I talk, I’ve talked about this, about this in many episodes, how I had to like heal my stories that I told myself about debt because I viewed all debt the same. If I went out and went on a shopping spree with clothes, and I put a thousand on a credit card for that, I, first of all, I assigned morality to that. I’m wrong, I’m bad. And then me putting a thousand dollars to on a credit card to pay with a, to pay for a coach. I viewed that debt, the debt as the same, I just kind of had this broad statement in my mind, all debt is bad, but that’s not true.
Kristen Boss (22:54): What I had to start looking at is like, what debt is about borrowing money in order to make more money that is strategic debt. It is borrowing debt. It is borrowing money so that you can learn to create more money with that money. It’s like, Hey, I’m going to borrow a hundred dollars so that I can put that a hundred dollars to work elsewhere and turn that a hundred dollars into a thousand dollars. But if you have stories like I’m debt free, I have to be debt free. And the only debt I have is my house. I’m going to say, well, good for you. But what you’re doing is you’re handcuffing yourself from being able to strategically invest and put your money to work elsewhere. We’re not taught this. I was not taught this. And I really think it’s a huge disservice to not share with others.
Kristen Boss (23:41): Like, Hey, there’s a, there’s a better way to put your money to work. And so, for example, this idea of, you know, all debt is the same. This is where, you know, I see people really hung up on making strategic investments for their business. So with the mastermind, all, all of those gals, and if you’re thinking about the mastermind, you’re likely if you believe all debt and you are thinking, I need to have the cash on hand to invest in a coach to be in that mastermind. You’re still not thinking about this as a business, you are still thinking about this as personal money, and you are not thinking as a business owner and a CEO. This is your first work. If you own a restaurant, if you owned a clothing boutique, if you owned any other business, you would not say, if you were, let’s say, if you owned a restaurant and your kitchen, that makes all the food that is, that provides the service for your patrons, that come to the restaurant and you need to put $20,000 towards new kitchen appliances.
Kristen Boss (24:48): That business owner is not going to say, well, I gotta wait to get the cash on hand to buy better appliances. No, the business owner’s going to say the, of course, this is what it takes to grow a business. Of course, this is a business expense. I’m going to go and they’re going to borrow money. They’re going to go buy the new appliances. They know that with better appliances, better food, better customer experience. They’re going to have patrons continue to come to the restaurant and they’re going to provide great quality, which in turn creates more revenue. They understand that. But again, this idea of like, but if the restaurant owner was like, Ooh, the, I don’t want to spend $20,000 to make my restaurant better. I’m going to wait and save for it. It doesn’t make sense. I was thinking of that with my videographer. We were talking, he was the one that did my, he does all of the events for my company and he did the three-day event.
Kristen Boss (25:40): And I just kind of came in. I was like, you know, I’m just curious how much, how much is all your equipment worth? And in my mind was thinking, I’ll bet you, this is a hundred K of equipment. He was like, yeah, around a hundred K. I was like, I knew it. I was like, you went in, did you go into debt? Like, did you borrow money to buy the camera equipment? He’s like, yeah, I did. I was like, yeah. And I was like, can you imagine if you thought debt was bad and you waited to save up for your first camera? He’s like, I wouldn’t have a company. We wouldn’t be generating the money we do. So he understood like, okay, I’m going to, what I’m going to do is I’m going to pay for these assets. I’m going to pay for this equipment. I’m going to pay for these things so that I can get my business further, faster, and it’s all paid off.
Kristen Boss (26:20): And it’s all great. And by the way, every single business investment I’ve ever done, I’ve paid off. And I also choose to believe that I never waste any investment money ever, ever, ever. So I think where I see some people get stuck is they start thinking like, hold on, I need cash on hand. I need to save up to be in the mastermind. And I’m like, this is not a couch. This is not, you know, saving up for a remodel for your house. This isn’t saving up for, you know, a pair of shoes. This isn’t saving up for you to do, to do a spa day, even a remodel. I would say, why are you saving up for that? Because again, you’re hearing a different money mindset here, but it’s like, well, one creates a return on investment. There is debt that creates that is that just continues to cost you money.
Kristen Boss (27:07): And it does not give you a return on investment. And then there is strategic debt that gives you a return on investment. It is a return on your future investment and you have your increasing your future earning potential. And in network marketing, there does come a time where you have to invest strategically as a business owner. And I’m talking to the six and seven-figure earners, listening to this podcast that might have some stories about investment. Might have some stories about why they need to wait and take time. And I’m like, you’re still in your hobby money mindset. This tells me you, you don’t know how to put your money to work strategically so that you can grow your business. And I was telling my mastermind members, this I’m like, you’re growing your brain. You becoming a better business leader and a better business owner is one of the best investments you can make.
Kristen Boss (28:00): And it is always about growing your future earning income potential. So this is kind of why I was like, you know, I think this would be a great episode for anybody, no matter where you are in your business. I want you to start thinking about how this is business money and putting your money to work in your business, instead of it all, just flushing over to the personal account and disappearing, and you not knowing where that money’s going, really deciding to take on a CEO mindset today and deciding, okay, this is what I’m going to pay myself. I’m going to pay myself. If you’re making $10,000 a month, you can decide I’m going to pay myself $5,000 a month. And I’m going to, you know, put however many thousand dollars a month towards taxes. I’m going to, you know, put this towards savings and put this towards future investment or current investment, or working with a VA.
Kristen Boss (28:53): It’s thinking about your money differently. And it’s putting your money to work for you. It’s thinking, how can I develop my assets and develop my mindset and develop my skill and my value so that I can increase my future earning income potential. That’s what it always is about a couch, shoes, clothes. None of that is going to turn you into a person who becomes more valuable in the marketplace and earns more money. So I just want you to notice the stories you’re telling yourself like, oh, am I still treating my business as a hobby? When it comes to the income of my business, how might I need to step into being a business owner today? Have I been telling myself that all debt is bad, that it’s wrong? And what’s so fascinating is so many people had a huge aha moment with joining the academy. I’m like, you know, people don’t blink.
Kristen Boss (29:43): They don’t blink at student loans. They don’t blink at, you know, borrowing money for a house. They don’t blink at those things. But when it comes to, you know, furthering your own education and doing it this way, it’s like people, people think twice. Right? And I, I, I’ll never forget. I had one mastermind member, highly skilled in her field. And she was like, oh yeah, I’ve spent so much money in my continuing education and going in for more certifications so that I can get, get myself a pay raise in the corporate world. I’m like, okay, how is this any different? She’s like, oh, I didn’t even realize that in the network marketing business model, you are responsible for how you give yourself your own pay, raise a pay raise comes when you raise your own leadership lid. That is how you get a pay raise in this industry.
Kristen Boss (30:31): Everyone’s like, oh, unlimited income potential. Yes. But you also have to constantly be growing your leadership and be growing your mindset. It, in order to be worthy and earn the, the unlimited income potential, that’s just not given to you. You have to grow skills in order to do that. But that’s the best thing in this business model is you can decide, I want to make multi six figures a year. And from that place, ask yourself, okay, okay. What would the future version of me do in this moment? What would the future version of me who’s making multi-six figures think about this investment? They won’t even think twice about it. They’d be like, yeah, you need to do it. So when it comes to your business and your mindset and how you view your money, I just want you to be thinking about the stories you might have been telling yourself.
Kristen Boss (31:28): And I think women, in particular, have a lot of stories about money. I don’t need a lot. I’m not good with money. I don’t know what to do with money. I’m bad with money. I don’t make good decisions with my money. Just notice the stories you tell yourself about money. And I think one of the things I’m most proud of in my journey is being a woman who has become very capable with investment and understanding how to put money to work and how I have been able to think different and heal money stories. Literally, I had so much shame around money and you can listen to all my prior podcasts where I think I talked to, I have two money thoughts, and I’m healing your money story. It will speak to you. I promise. But if you want to be someone who makes more money, you have to think about, okay, well, what stories need healing? What stories am I carrying about money? What’s getting in my way.
Kristen Boss (32:23): I also think with network marketing, we, you have this amazing thing called passive income, passive residual income and passive residual income is for people who play the long game, who understand how to build legacy, sustainable leaders underneath them. And I was telling people, I’m like, you can. And I, and I really think, sorry if I’m kind of jumping around a little bit, but it’s important. It’s important. We talk about this. I kind of view investment in network marketing as like the stock market. No one plays the short game in the market. You don’t buy and sell in 24 hour periods. The people who best understand the stock market are people that watch it, that play the long game, and are incredibly strategic. They, they invest and they’re like, what could this be worth to me? Five to 10 years from now? They’re about the future earning income potential.
Kristen Boss (33:20): They’re not, you don’t play the stock market for quick cash. You don’t do that with network marketing. Either network marketing is not the place for quick cash. Now, can you make quick, a quick $500 a month? Absolutely. But with this like multi six-figure, future passive income, that is a long game. That is for future passive income. That is for people who can understand how to build sustainably, play the long game and be in this for the long run. So I was telling, you know, my recent mastermind members I’m like, listen, your investment is not just about increasing your income potential this year. It is about building the sustainable foundation and building leaders that secures your future earnings. It secures your future, passive income. It secures your future ROI. How you put in the work today determines the financial rewards. You reap three to five years from now.
Kristen Boss (34:20): So, so it’s not just, if you’re thinking, you know, I’m going to put 20K in and immediately get, you know, 50, 60 K out, which you very well could in this business model. You absolutely could. But I also want you to be thinking of, hold on with my investment. How much more will I make in my future passive income, because I have solid foundations, healthy systems, healthy leaders, sustainable leaders. How much more will I be growing my future, passive income versus what’s happening in the here and now. And today’s paycheck. You need to be thinking long-term because there is very few business models where today’s actions determine your future financial rewards in this business model. So you need to be thinking incredibly strategically with your investments. You need to be thinking, wait, hold up. If I invest in order to grow and in order to become a better leader in order to, you know, keep my organization momentum and keep people from burning out and keep people here.
Kristen Boss (35:27): Then this investment I make. What if that, what if that one investment increases my future passive income by 20% a year for the rest of my life? Is that not worth it? Think about that. You have to think sustainably. This is why, this is why my philosophy is about sustainability. More than it is about speed, because I’ve, I’ve watched this industry long enough to see what happens when people only value speed, and they don’t have sustainable systems in place. They make phenomenal money, killer money in the short term, but the attrition and the burnout and how it fizzles out on the backend, because there was no sustainable, healthy foundations and processes and leadership in place. It fizzles out. It’s gone. And I don’t want your come to be a flash in the pan. I want you, this is about legacy, income. Think about income that your, that your kids get to inherent.
Kristen Boss (36:23): And it’s an, it’s an amazing thing, but you have to play this business model smart. And that’s what I teach people. I feel like, I feel like I’m, you know, giving away the secret, but I want you all to know it. I want everybody to know like, listen, you place the sustain sustainably. You get long-term rewards and long-term rewards are priceless. You have to be thinking about how much is this worth? How is this positively impacting my future for the better? So I just thought it would be just a helpful conversation to help you think about your business money differently. Even if you’re not in a place where you want to invest, you don’t want to grow. You still need to be looking at your business money as business money and thinking of yourself as a business owner and just evaluate how you view your money.
Kristen Boss (37:09): Are you viewing it as somebody who’s running a hobby or someone who’s running a career, a business who understands, oh, I’m going to have lifetime earning potential with this business money. You make different decisions when you’re in that place. When you’re in a hobby mindset. No, it does not make sense to invest when it’s a hobby. Why I’d be like, no, it’s a hobby. Why would you invest in a hobby, right? With a hobby you do probably want to save and have cash on hand, but with a career and with a business, you’re going to make different business decisions. So if you, you are someone that’s been thinking about this and you’re thinking, and you’re on. And we have a huge waitlist for the six and seven-figure earner mastermind. And I just felt it would be re it would be helpful to you to hear the shift that is required of you in order to step into embodying and being a CEO, someone who runs an organization and some of you have thousands of people on your team.
Kristen Boss (38:05): Some of you have teams that bring in a million dollars or more a month, and that is not the mindset you have about yourself. You don’t see yourself as, as being someone who has a, a million dollar a month organization. You’re likely seeing yourself as somebody who is whatever your paycheck is. So for example, if your team brings in a million dollars a month and you make, you know, $200,000 a year, you’re likely thinking, you’re not thinking of as a $12 million a year business owner. You’re thinking of as a 200 K business owner. You’re like, well, I’m paid 200 K. This is who I am. I’m like, no, no, no, no, no. You have, you have an organization that brings in a million, a million a month. That’s insane. You have to start making decisions of as somebody who runs an organization that big about the, think about the volume that you bring in monthly between your customers, your team, and just start sitting with, like, with the self-concept of being somebody that brings in that volume.
Kristen Boss (39:05): That’s amazing. How extraordinary, when you start thinking about yourself in that way, you won’t be thinking of yourself as a hobby as someone who runs a hobby anymore, you’ll, you’ll start thinking of yourself as someone, as a business owner, a serious business owner. So that’s my challenge for you today. Look for the stories where you are still acting as somebody who’s in a hobby, and maybe it’s a hobby that makes you a lot of money, but when are you willing to shift into being a serious business owner and thinking about your business money as business money, and thinking about putting your money to work, and have you been assigning morality to money? This is good. This is bad. I’m good here. Bad here. This is right here. Wrong here. Listen, am I fee family? We were an envelope family, my husband and I, we were all about the envelopes.
Kristen Boss (40:02): And to this day, I still separate like, well, now my business is massive and I have to have, you know, I have a huge team and all those things, but even when it was just a fraction, even when my business was a fraction of what it is now, we still have business money and then personal money. I keep a lot of cash in my business so that my business is always healthy. So that I’m always thinking, what does my business need in order to provide a phenomenal customer service experience so that I’m never selling to people from my own scarcity or thinking crap, I have to like pay my mortgage. I need to go. I need to make sales now. And some, and listen, if you are not managing your money as a business, and you’re not managing your mind, well then yeah, you’re going to start taking pressure from your personal life and applying it on your business. And you’re going to start saying things like, no, I need to hit my rank, this my, or I can’t pay my mortgage.
Kristen Boss (41:02): And that’s not a fun place to be for you or your team or your customers. They can feel that. So I want you to just be thinking about how can I shift those things so that I can show up more abundantly in my business so that I’m less meaty in my business. The way to be less needy in your business is to start separating your business money and your personal money. All right, friends, hope that was helpful for you today. Again, if you haven’t left a review or, you know, given a rating, I would love that if you can just write a review and leave a rating for the show today, and it’s just always so fun to serve you, and we will see you in the next episode, bye.
Kristen Boss (41:48): That wraps up today’s episode. Hey, if you loved today’s show, I would love for you to take a minute and give a rating with a review. If you desire to elevate the social selling industry, that means we need more people listening to this message so that they can know it can be done a different way. And if you are ready to join me, it’s time for you to step into the Social Selling Academy, where I give you all the tools, training, and support to help you realize your goals. In the Academy, you get weekly live coaching so that you are never lost or stuck in confusion. Whether you are new in the business or been in the industry for a while, this is the premier coaching program for the modern network marketer. Go to www.thesocialsellingacademy.com to learn more.